The success of Tesla as a company is now contingent on the success of the Model 3.
Electric luxury carmaker Tesla Inc has disclosed that it would pay Jon McNeill, its global sales and service president $700,000 if he met certain targets for 2017.
Elon Musk is counting on the success of Tesla Model 3 to turn around the company and is in the process of ramping up its production six times their current levels.
As per information disclosed in Tesla’s filing, McNeill’s incentive compensation plan includes the $700,000 figure if he were to meet vehicle delivery target during the third and fourth quarters of 2017.
The incentive package is also linked to operational and financial metrics relating to the vehicle service performance, as well as costs and customer satisfaction scores during 2017, said Tesla.
Furthermore, Tesla has stated the compensation will be made in cash, stock options or restricted stock units.
Earlier this month, Musk had stated that Tesla would face months of “manufacturing hell” as it boosts the production of the Model 3 while continuing to produce its earlier models, Model X and Model S.